sCIP#31 - Add a [MBTC, [sBTC]] Metapool


The M-Token team proposes adding a [MBTC, [sbtc pool]] Metapool. Adding a MBTC pool will further increase the liquidity of Bitcoin on Ethereum and make it easier to swap between assets.


Hello everyone,

We are M-Token team. Today, we would like to introduce M-Tokens, and initiate the proposal to add the MBTC Metapool on the Curve platform.

First of all, MBTC is an ERC-20 token on Ethereum issued by M-Tokens on a 1:1 basis peg to actual Bitcoin. This enables seamless integration of crypto assets on other blockchains into the Ethereum ecosystem and brings the community another choice to enjoy the cross-chain transaction with convenience, transparency, and value.

All M-Tokens reserves are safeguarded by qualified custodians. At the current stage, M-Token is supported by Cactus Custody, who manages private keys in the industry high-level HSMs and its proprietary multi-tiered storage system by the tier-4 grade data centers across three continents. Its segregation of duty and zero-trust system design can guarantee the safety and availability of the assets without dependency on any single individual. Meanwhile, a multi-signature mechanism is adopted by M-Tokens for its crucial aspects such as mining and burning, allowing on-the-chain verification. Thus, it provides cross-chain asset services that are both transparent and reliable. Major parties taking part in M-Tokens include the governing bodies, custodians, merchants, and the end users.

In terms of technical aspects, smart contact and hash mapping are adopted. Simultaneously, the reserve deposit addresses, outstanding balances, and transaction records are made 100% public and traceable to enable exact cross-chain mapping. In terms of governance, checks and balances are achieved through a multi-institutional framework, roles/rights segregation, and decentralization, facilitating the prevention of malice committed by any individual or entity. Moreover, the blacklisting mechanism lays a foundation for ongoing governance and regulatory compliance.

M-Token has currently collaborated with SynFutures protocol, where its users can use MBTC to trade the derivatives product on the platform. M-Token has also partnered with Matrixport on industry-leading crypto financial solutions, which will empower M-Token with the capacity of yield generating in the future. Most importantly, the capability to conduct structural products and become a gateway between DeFi and CeFi will be the parts we focus on, and it definitely is our unique advantage.

We believe that adding the MBTC pool will increase the liquidity of Bitcoin on Ethereum, and enable the BTC holders invest their assets into Ethereum projects in a convenient, speedy and cost-effective manner.

Audits Security Reviews:
M-Tokens & MBTC has been audited by Peckshield.

MBTC Market Cap: [Will be updated]
Currently, MBTC total supply is “200”.

Useful Links:
Contract address: (if needed): 0xcfc013b416be0bd4b3bede35659423b796f8dcf0